MARANA, Arizona – Safeway Store #1749 at 9100 N Silverbell Road in Marana sold as part of an agreement that included 71 stores to a Delaware limited liability company for an aggregate purchase price, exclusive of closing costs, of approximately $720 million, in a sale leaseback agreement. According to public records the store was valued at $6,696,428 as part of the bulk / portfolio sale.

Safeway and Albertsons Companies that merged in 2014 expects to enter into lease agreements with the purchaser, operating under the name “CF Albert PropCo LLC” for an initial term of 20 years with eight options for five-year renewals of the terms of the leases.

In the SEC filing, a wide array of Albertsons-owned banners were named as sellers of the 71 locations involved in the agreement, including Vons, Safeway, Acme Markets, Jewel Food Stores, Randall’s Food & Drugs, and Dominick’s Finer Foods.

Names of representatives for CF Albert PropCo LLC  were all redacted in the sale agreement. CF Albert does not have a web presence, but the filing does refer to the business as a “Delaware limited liability company.”

The deal, was expected to close before December 2, and would allow for Albertsons have more liquid assets and free up cash.

To read more on the specifics of Albertsons’ deal, click here to read the company’s SEC filing.

To learn more, see RED Comp #5327.

TUCSON, Arizona — The Tucson Unified School District (TUSD) 2015 approved sale of Townsend Middle School closed this week at 2120 N Beverly Ave. in Tucson to Pima Medical Institute (PMI) for $5.63 million.  The site will be developed into a medical educational campus with a mix of medical office and small retail use on the excess land.

The buyer, Pima Medical Institute has been helping students change their lives for 40 years, providing training and education for careers in health care. Pima Medical Institute offers certificate programs, associate degree programs and bachelor’s degree programs. Students get the training needed for a new career in less than a year, earn an associate degree in less than two years, or earn a bachelor’s degree in health care.

Soon after PMI became the successful bidder, Jim Marian of Chapman Lindsey Commercial Real Estate and Linda Morales of The Planning Center began the planning process tasked with creating a vision for the campus. Together with the neighborhood, they developed a concept that retains a majority of the 102,741-square-foot school building, and redirects traffic onto Craycroft, away from the neighborhoods.

The existing ball-fields were being heavily used by local soccer clubs that had funded the lighting of the fields. So a plan, in cooperation with the City of Tucson and County Parks and Recreations, was put into place to relocate these clubs to other fields at Booth-Fickett Middle School for the clubs to continue there.

Neighbors were also concerned about losing the ability to walk the school grounds in the evening and on weekends, so the development team proposed a walking path through the site that would continue neighborhood access to the new medical education campus.

Since the site is larger than needed, PMI formed a joint venture with Craig Masters and Walter Hoge of Rio West to develop a portion of the property into a mix-use medical office and small retail use that would enhance the medical education campus.

The sale is the largest yet for a closed campus by the Tucson Unified School District governing board. Proceeds from these sales must be used for specific purposes such as to pay off bonds, reduce taxes, improve existing schools, or to purchase new school sites.

For additional information on this transaction, Marian can be reached at 520.747.4000 and Morales can be contacted at 520.623.6146.

TUCSON, Arizona — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of The Ledges at West Campus, a 205-unit apartment property in Tucson, Arizona. The $23 million sales price equates to $112,195 per unit.

“Previous ownership improved the presentation of the property and minimized capital cost exposure for new ownership by investing significantly in exterior and interior enhancements,” says Hamid Panahi, first vice president investments. “New ownership will have the opportunity to continue the programmatic implementation of select interior finish upgrades to optimize resident demand and maximize rent revenue.”

Panahi, Steve Gebing, senior managing director, and Cliff David, senior managing director, represented the seller, Aspen Square Management, and procured the buyer, a private investor.

The property is located near the large student populations centered around Pima Community College’s West and Downtown campuses and the University of Arizona. Interstate 10 is 1.5 miles away and a Tucson Sun Link streetcar station is within 2.5 miles. The West University neighborhood is three miles east of the community.

Developed in 1997, The Ledges at West Campus features one- and two-bedroom apartment homes and four-bedroom townhomes. The weighted average unit size is 1,123 square feet.

For additional information, Panahi should be reached at 520.719.6511.